All Forum Posts by: Jenna Mayeres

Hi BP! Overthinking business structure when it comes to acquiring rental property. My husband and I started with:

A 2 unit FHA house hack (loan in his name) and stayed for full year as required

Then purchased a new primary with a 3% conventional loan (in my name) and we're currently forcing equity via remodel. (FHA 2 unit has 2.6% rate so we didn't want to refi)

Now under contract to purchase property number 3 which is a 4 unit building. Currently working with a local bank that's offering me a commercial loan with a 3 year ARM and is only requiring 15% down. Quadplex will need a cosmetic rehab and then will be fully rented and then refinanced.

My CPA suggested forming an LLC at this point.. but another trusted lender claims I should buy in my personal name to utilize my 10 Frannie/Freddie loans (small mult family) for lower rates and better cash flow and only use my LLC for property acquired via creative financing.. until later once I've maxed out what I can buy in my name. I see pros and cons of both of course. What would you do?

@Andrea Rivera I would highly recommend eXp! I am a newer agent and I'm absolutely loving it. Send me a PM!

Would love to hear your specific experience financing your first 5 properties. My fiance and I just purchased our first property (2 units) with an FHA loan and we are house hacking for the minimum required owner occupancy. We put him on the loan alone so that I could also qualify for an FHA loan once I file 2021 taxes and have 2 full years of income from my W2. I'm now a licensed Realtor but I'm keeping my W2 job just to have the income on paper for another purchase. Thinking about purchasing another duplex this winter with 25% down? Would love to hear your story and I'm open to any advice. Here are a few goals of ours:

- 3 more purchases in 2022

- a more permanent primary residence in the next 2 years

- out of state Airbnb property in the next 2-3 years

- considering short term flips (he is a carpenter) for quick profit to reinvest but our primary goal is buy and hold. Turnkey or BRRRR

@Zachary Kubacki oh nice! Thanks for connecting. Definitely would like to plan a meet up, just need to find a venue and date to do so! (Especially during everything with COVID.)

@Nicholas Rickman like many others have mentioned, apply for another card. I would recommend going for a secured Discover card, they are known to graduate secured cards to unsecured cards around the 6 month mark. Other than that, just make sure to let around 10% report to credit report (statement date) then pay off in full (by due date to avoid interest). Low utilization rate, 100% payment history, credit diversity (number/type of accounts) and simply time will be the main things to help your score. I also recommend joining the Facebook groups "The Credit Society," "Credit Hackers," and "Credit Cards 101" where you can really learn the ins and outs of not only building credit but also "churning" and optimizing rewards by leveraging credit cards and even traveling completely for free.

@Jenna Mayeres my referral is JENNA2 if you choose to sign up!

@Ben Zelenka

Check out Yotta savings. You earn money based on a lottery system and its actually kind of fun to use. Here's a video from Ask Sebby explaining it in further detail.

https://youtu.be/ziGvywXzhfw

Ive put $5000 in the account and have "won" about $2 per week since I started using it

Thank you @Marian Huish, going to start researching top Brokerages in my area.

Hey @Anthony Angotti, are you aware of any meet ups/events in the Pittsburgh area? I'm also in the Wheeling area but wouldn't mind making the drive for an event! Thanks

Hey @Julia Schutz I also live near Wheeling (Shadyside, OH) and am relatively new to real estate. How have things been going since your post in April? I'm working on getting my RE license now!